MySpace is reportedly looking to create some sort of online music destination with the four major recording labels, and has been in discussions about how to create the service. They've come up with the working title of MySpace Music.

MySpace Music is theorized to be working on a streaming, ad-supported player, with ideas like subscriptions and retail downloads being batted about. There's also talk how they'll all split up the pie, with rumors profit-sharing and equity stakes popping up all over the web. (In Homer Simpson-like voice) Mmmmm ... equity stakes.